A new deal between Standard Life and GoldMoney allows SIPP clients to invest directly in gold bullion.
The team up gives Standard Life SIPP clients round the clock access to GoldMoney’s trading website and the ability to buy or sell a total of 2000 grams of gold in any business day.
GoldMoney uses the current spot rate to determine prices, which are then locked for customers to buy or sell. The company also holds purchased bullion in its secure vault in London.
"Advisers and clients have asked us to introduce gold bullion as part of our specialist SIPP proposition," said Standard Life’s head of pensions accumulation Alistair Hardie. "We have responded by working with GoldMoney to make it simple and easy for advisers to offer this option to their clients. GoldMoney is a well established company with a decade of experience. It also has the levels of security and integrity that Standard Life requires in a partner. Our SIPP has a broad appeal, as evidenced by us recently passing the 100,000 customer milestone. We will continue to be responsive to adviser and client needs to ensure our SIPP remains market leading."
Purchase fees depend upon the size of the sale, ranging from 1.92 percent for small purchases to 1.04 percent for transactions larger than £600,000. GoldMoney charges a preferential storage fee of 0.15 percent per annum.
